Indiabulls Real Estate Ltd's Suffers Net Loss Of Rs 120 Cr For Q1FY20

New Delhi: Indiabulls Real Estate Ltd (IREL) has reported a consolidated net loss of Rs 119.57 crore for the first quarter ended June 2019 as compared to net profit of Rs  117.43 crore in the corresponding quarter of the previous fiscal, according to a regulatory filing.

The net sales of the remained almost the same at Rs 869.33 crore for the latest quarter as against Rs 834.99 in the same period of the previous financial year.

IREL has decided to have zero net debt in the ongoing fiscal through sale of its stake in commercial and leasing business assets at an expected valuation of Rs 4400-4800 crore and also through divestment of its London property for £ 200 million.  

During the first quarter of the current fiscal, IREL sold its entire stake in its wholly owned subsidiary Lakisha Real Estate Ltd for an aggregate amount of Rs 20.79 crore and the Group has recognized gain on sale amounting to Rs 31.33 crore in the financial results.